[LopsidedLand]

I hope this the correct place to post this as I've been trying to learn how to navigate these forums.

I have been driving beaters since high school and am ready to buy a nicer vehicle. My current car technically runs and drives but it has a leaking radiator, brake issues, welded-together alignment rod, everything rattles, etc. I want something modern that is both luxurious and comfortable on long distance drives but also is powerful and fun to drive. I live in Minnesota so also would prefer AWD for the winter.

Most of my research has pointed to some sort of smaller midsize sedan with a turbocharged 6 cylinder. I'd like to get a CPO. My "dream" car was an Audi RS5 but after doing some reading I think the M3 comes in at the top of this segment - having 4 doors and daily driving capability with the ability to become a truly high performance sedan by pressing a few buttons.

The thing is, I make only around $90k a year. I am expecting a promotion soon that will push it up toward $100k but that's not enough for a used G80 M3 Xdrive, which start at $80k+ (even the RWD versions drive are $70k+ used). I currently have $15k set aside for a down payment.

So I feel like I have two options right now:
A) Buy a used M340i or M440i Gran Coupe for $40k-$50k, I'd just to have to look for a while to find one with the exact colors and features I'd want

B) Buy another beater to drive for a few years, save up more money, and buy the M3 Xdrive, which will have depreciated even more in a few years so it will be more car for less

Frankly, I'm sick of driving crappy cars right now but I do wonder if I'll be sitting in my M340i and be thinking to myself, "I wish I had just waited longer and bought a real M car".

[wdc330i]

Originally Posted by LopsidedLand

I hope this the correct place to post this as I've been trying to learn how to navigate these forums.

I have been driving beaters since high school and am ready to buy a nicer vehicle. My current car technically runs and drives but it has a leaking radiator, brake issues, welded-together alignment rod, everything rattles, etc. I want something modern that is both luxurious and comfortable on long distance drives but also is powerful and fun to drive. I live in Minnesota so also would prefer AWD for the winter.

Most of my research has pointed to some sort of smaller midsize sedan with a turbocharged 6 cylinder. I'd like to get a CPO. My "dream" car was an Audi RS5 but after doing some reading I think the M3 comes in at the top of this segment - having 4 doors and daily driving capability with the ability to become a truly high performance sedan by pressing a few buttons.

The thing is, I make only around $90k a year. I am expecting a promotion soon that will push it up toward $100k but that's not enough for a used G80 M3 Xdrive, which start at $80k+ (even the RWD versions drive are $70k+ used). I currently have $15k set aside for a down payment.

So I feel like I have two options right now:
A) Buy a used M340i or M440i Gran Coupe for $40k-$50k, I'd just to have to look for a while to find one with the exact colors and features I'd want

B) Buy another beater to drive for a few years, save up more money, and buy the M3 Xdrive, which will have depreciated even more in a few years so it will be more car for less

Frankly, I'm sick of driving crappy cars right now but I do wonder if I'll be sitting in my M340i and be thinking to myself, "I wish I had just waited longer and bought a real M car".

Don’t forget to consider maintenance in your calculus if the car is off warranty. If I were you, I’d probably buy a decent Subaru or something and save up for the dream car. I think you are creating a straw dog argument that your only choices are a crappy beater or an M car someday. There are other fun cars that won’t break the bank to buy or maintain.

Also, look at Mazdas—maybe a used Mazda 6 or Mazda 3 (and buy snow tires). I have had BMWs for years and bought a CX-5. I really loved to drive it. I had a BMW 2 convertible as well at the time, and eventually sold both when used car prices were silly high and bought the 4 GC to go down to one car.

But, the Mazda was great. And I remember it fondly. I may well buy myself a Miata as a sporty complement to my GC.

If you can really swing 40-50K, I’d look for a “real M” F-series M2. You sound young, which is the time to own that car. It will be WAY more fun than any G-series 3 or 4. Go drive some used ones of each ilk and compare.

[335aw]

Budget-wise i would go with the 340 / 440 unless you go older M3 to keep the same price point. At that price point you are still really pushing the ability to "afford" the car.

Sure you could make the payment but is it the right decision - that's another story.

[Hornswoggler]

Long time BMW owner here, just picked up my 2020 M340i last Friday, and it's absolutely the best car I've ever driven. Blows me away, absolutely incredible. I haven't been this excited about a new car since my e36 M3 in the late 90's. If you haven't driven a G20, and/or a B58, you owe it to yourself to test drive. Is an M3/M4 faster? Of course! But M340i is a LOT of car and does a lot of things right. It replaced my e90 335d, which was "deleted" and probably made 500+ lb-ft of torque. Is the stock M340i faster? I don't know but it feels pretty close. I can't imagine a better daily driver. Everything is easy. I've been a die-hard fan of manual transmissions and hydraulic power steering but this G20 is so good, I haven't even consider driving my 06 Cayman S this week. With G80 M3's being 3x-4x what I spent, I'm good with my decision. Even looking back at F80 M3, parts and wear items are way more expensive. I only have one person to please, myself, so badging and "true" M car doesn't make much difference to me. Drive a G20 and report back, I think you'll love it.

[Panscan340]

Think the 340 is the move. Going from a beater to an 80+k car is quite a big move and prob a decent financial stretch without knowing the rest of your details. Should get X drive for sure and make sure you get winter tires . Just because it’s awd doesn’t mean you can run summer or all seasons year round.

[Montaver]

My advice is buy what you want, otherwise you’ll always be thinking about it. You didn’t list your practicality requirements, but you could also consider a Supra which has the same B58 engine. You can get a nice F80/F82 for $50k as well. There is also Civic Type R, Golf R, M240i, Integra. There are a lot of interesting cars at this price point.

[koopa]

The G80 is a lot more car and definitely worth a premium, but I don't think it's worth double (used market pricing).

As someone else already noted, the maintenance costs are gonna be higher on an M3. But the other thing to keep in mind is insurance costs will also be higher, in my experience 50% more. I've been wanting to upgrade to an M3 since I drove one during an M town tour last summer but the more I look at them and think of the total cost of ownership, I'm considering just buying another C7 Corvette as a dedicated weekend sports car instead.

And just to add, I'm not saying don't get the M340i/M440i GC, but there's other great options out there right now too you should add to your list. The new M2 slots right in between those two cars price wise, so you might wait a little longer but not as long as it would take for the G80 to come down to the price range you're hoping for. You might not get xDrive but a set of snow tires would do a lot in the winter. There's also the G30 5 series. It isn't as nimble as a G20, but the M550i offers a lot more comfort and luxury as well as tons of power. If you aren't allergic to other brands, I think the CT4-V Blackwing is a great option and I've seen quite a few around $55k. And the post above me recommended even more. There's just a ton of great options at this price point.

[awh5]

At 100k per year, both cars are a little took much unless you have zero rent and debts. I would consider something cheaper than both, such as other brands. Also, if you used, don’t forget about deferred maintenance. BMWs and other cars decpreciate due to them being expensive in general to service while being more sensitive to neglect. Used cars tend to have a high interest rate.

[blue_seather]

What's the net amount you take home for those $90k? Also, what would a $70k brand new M340i/M440i cost per month with all taxes + insurance?

Where I'm from, this salary would be $6500 per month, net, after all the taxes. A $70k M340i/M440i with a 20% down payment ($14k), a 20% residual value left for after the end of the lease and a 5 year lease (on 60% of the value of the car), would be about $750 per month. Full insurance and tax on the car would average at around $300 per month. So the total car cost would be a around $1050 per month.

That, on a $6500 take-home pay, would be 16%, and even the most conservative of financial advisors say that with all costs included, spending up to 15-20% of your take-home pay on a car is totally fine.

So am I missing something or taxes and insurance costs in the US are brutal, as where I live, people with $90k+ salaries are a pretty rare sight and are usually driving far more expensive cars than M340i's?

[Panscan340]

lol what, spending 15-20 % of your take home on your car is a ton. It’s a stretch for OP frankly. An m3 would be a massive stretch.

I have no idea what “ people making more than 90k tend to drive more expensive cars than a 340 “ means bc that is def not true. If we’re talking multiples of 90k maybe but someone making 100k should generally not be driving an 80-100k car. Not a recipe for financial success.

[blue_seather]

Sure, 20% for a car is a bit too much, but keep in mind that I'm talking "all costs included" here - this means including interest, tax and insurance costs. 15% of your take-home for that, for me, seems perfectly fine. The average salary in my city is $20k and if people didn't stretch for far above 15% of their take home pay, almost no one would drive new cars.

I'd like to sit at around 25-30% of my take-home pay for both of my large debts combined - mortgage + car, insurance included. This leaves me with plenty of cash to spend around and invest. I don't need to be a millionaire to enjoy a $70k car. Besides, in 3-4 years time, I'd probably sell that $70k car privately for at least $50k, which would make it a $20k (+ the interest that I've paid, of course) car, really.

Originally Posted by Panscan340

I have no idea what “ people making more than 90k tend to drive more expensive cars than a 340 “ means bc that is def not true.

I'm talking about where I live in Eastern Europe, not the US. Here, a lot of people buy cars just for the image they bring them. On an average job, you'd have to spend at the very least 25-30% of your take-home pay just to buy the cheapest of little small city cars new. So, naturally, when people start making $90k+, which is super rare for this country, they continue spending 30% or even more of their take-home pay on the car and drive ridiculous things. It's always interesting for me how financially conservative people in the US are. Here, a car that's 10% of your take-home pay is something that you can really really easily afford, without even thinking about it. And there are people with a $10k yearly salary constantly, year by year, having the newest and greatest iPhone Pro Max (which is quite a bit more expensive than in the US), while I'm often seeing people in the US on $60k+ salaries complaining how expensive phones have gotten, even with a trade-in (which we don't have), and thinking about downgrading to cheaper phones or start changing them only once every 4-5 years or more. So now that there's an actual example of this, with the income stated, I wanted to ask as that's a really interesting topic for me.

[Panscan340]

Originally Posted by blue_seather

Sure, 20% for a car is a bit too much, but keep in mind that I'm talking "all costs included" here - this means including interest, tax and insurance costs. 15% of your take-home for that, for me, seems perfectly fine. The average salary in my city is $20k and if people didn't stretch for far above 15% of their take home pay, almost no one would drive new cars.

I'd like to sit at around 25-30% of my take-home pay for both of my large debts combined - mortgage + car, insurance included. This leaves me with plenty of cash to spend around and invest. I don't need to be a millionaire to enjoy a $70k car. Besides, in 3-4 years time, I'd probably sell that $70k car privately for at least $50k, which would make it a $20k (+ the interest that I've paid, of course) car, really.



I'm talking about where I live in Eastern Europe, not the US. Here, a lot of people buy cars just for the image they bring them. On an average job, you'd have to spend at the very least 25-30% of your take-home pay just to buy the cheapest of little small city cars new. So, naturally, when people start making $90k+, which is super rare for this country, they continue spending 30% or even more of their take-home pay on the car and drive ridiculous things. It's always interesting for me how financially conservative people in the US are. Here, a car that's 10% of your take-home pay is something that you can really really easily afford, without even thinking about it. And there are people with a $10k yearly salary constantly, year by year, having the newest and greatest iPhone Pro Max (which is quite a [...]

Someone who makes 20k should not drive a new car of any kind. Many people living beyond their means does not mean it is advisable.

[LostInSpace]

90k salary, 90k car. I hope you own a garage.

[sikotic]

Just curious.. If you're currently driving beaters now, how come there's so much resistance to just getting an M340i? Why the need for the M3?

Have you test driven any of these cars to get a feel for the ride/power?

[coded420]

I hope this the correct place to post this as I've been trying to learn how to navigate these forums.

I have been driving beaters since high school and am ready to buy a nicer vehicle. My current car technically runs and drives but it has a leaking radiator, brake issues, welded-together alignment rod, everything rattles, etc. I want something modern that is both luxurious and comfortable on long distance drives but also is powerful and fun to drive. I live in Minnesota so also would prefer AWD for the winter.

[G30M]

Originally Posted by LopsidedLand

I hope this the correct place to post this as I've been trying to learn how to navigate these forums.

I have been driving beaters since high school and am ready to buy a nicer vehicle. My current car technically runs and drives but it has a leaking radiator, brake issues, welded-together alignment rod, everything rattles, etc. I want something modern that is both luxurious and comfortable on long distance drives but also is powerful and fun to drive. I live in Minnesota so also would prefer AWD for the winter.

Most of my research has pointed to some sort of smaller midsize sedan with a turbocharged 6 cylinder. I'd like to get a CPO. My "dream" car was an Audi RS5 but after doing some reading I think the M3 comes in at the top of this segment - having 4 doors and daily driving capability with the ability to become a truly high performance sedan by pressing a few buttons.

The thing is, I make only around $90k a year. I am expecting a promotion soon that will push it up toward $100k but that's not enough for a used G80 M3 Xdrive, which start at $80k+ (even the RWD versions drive are $70k+ used). I currently have $15k set aside for a down payment.

So I feel like I have two options right now:
A) Buy a used M340i or M440i Gran Coupe for $40k-$50k, I'd just to have to look for a while to find one with the exact colors and features I'd want

B) Buy another beater to drive for a few years, save up more money, and buy the M3 Xdrive, which will have depreciated even more in a few years so it will be more car for less

Frankly, I'm sick of driving crappy cars right now but I do wonder if I'll be sitting in my M340i and be thinking to myself, "I wish I had just waited longer and bought a real M car".

if you want an M then the 340/440 will not satisfy you and you will never be happy. they are completely different cars.

don't waste money on something that won't satisfy you.

get a prius for now and save for the M. if you miss out on one there's always another one but you have to be patient.

[G30M]

Originally Posted by sikotic

Just curious.. If you're currently driving beaters now, how come there's so much resistance to just getting an M340i? Why the need for the M3?

Have you test driven any of these cars to get a feel for the ride/power?

if he's anything like me, i'm never satisfied with anything less than the top dog.

(i'm still never satisfied why any of my current cars, they're all listed for sale - but i like money more than satisfaction so i'm not "giving them away" and i don't want to pay for the Ms, so likely keeping these cars for a while)

[LopsidedLand]

Originally Posted by blue_seather

What's the net amount you take home for those $90k? Also, what would a $70k brand new M340i/M440i cost per month with all taxes + insurance?

Where I'm from, this salary would be $6500 per month, net, after all the taxes. A $70k M340i/M440i with a 20% down payment ($14k), a 20% residual value left for after the end of the lease and a 5 year lease (on 60% of the value of the car), would be about $750 per month. Full insurance and tax on the car would average at around $300 per month. So the total car cost would be a around $1050 per month.

That, on a $6500 take-home pay, would be 16%, and even the most conservative of financial advisors say that with all costs included, spending up to 15-20% of your take-home pay on a car is totally fine.

So am I missing something or taxes and insurance costs in the US are brutal, as where I live, people with $90k+ salaries are a pretty rare sight and are usually driving far more expensive cars than M340i's?

I'd have to check the exact numbers, but I think it's somewhere closer to $5600 take home pay each month. We must have higher taxes than you. So just roughly doing the math, a 48 month loan on a $50k car with a $15k down payment and 6% APR works out to a bit less than 15% of my take home each month. That's excluding insurance which I have calculated to be about another $125 per month on a M340i with full coverage.

Obviously you can play with the loan term and the APR rates a bit to shift things around but I think the takeaway is that the $40k-$50k range fits within that "rule" where a car payment should be no more than ~15% of your income or whatever.

[LopsidedLand]

Originally Posted by sikotic

Just curious.. If you're currently driving beaters now, how come there's so much resistance to just getting an M340i? Why the need for the M3?

Have you test driven any of these cars to get a feel for the ride/power?

Obviously any newer car is going to be an upgrade, but like most people here I have a passion for cars so that's why I'm looking for more than just something that gets me from Point A to B.

I've wanted an RS5 for years but after research I've really grown to like the BMWs and to me the M3 represents the gold standard of a vehicle that is capable of both fantastic fun performance and relatively comfortable daily driving. When people think of BMW, they usually think of the M cars. It's not a supercar nor is it the most luxurious sedan but it has a great mix of both and comes in at a not totally insane price point.

The M340i, on the other hand, felt more like an entry level 3 series that they jammed a bigger engine into.

Having said that, I liked driving the M340i on the test drive and it probably has enough performance for 95% of my driving which is why I am considering it right now. I haven't found a M440i Gran Coupe to test out yet but it seems very similar but with a sportback which I think could be really useful.

[M340I///M]

One would have to make $300k a year to “afford” a $100k vehicle. If this was the case non of us would be enjoying life!!!!


OP get what makes you happy. Be wise and if you need to pick up a part time job to live comfortably then do what you have to do to get that DREAM CAR!

[G30M]

Originally Posted by LopsidedLand

Having said that, I liked driving the M340i on the test drive and it probably has enough performance for 95% of my driving which is why I am considering it right now. I haven't found a M440i Gran Coupe to test out yet but it seems very similar but with a sportback which I think could be really useful.

if getting a 340 is going to stop you financially from getting the M, don't do it. it's not worth it. get a 330, a prius, something cheap.

340 and M3 are completely different cars, not even close cousins to an actual M enthusiast (of which i'm not, I'm an old man!)

[madpistol]

If you can afford an M340i now, go for it. The problem with the auto industry is that prices are going sky high on everything. If you fully spec a 2025 M440i, it will crest $80k. A few years ago, that would have gotten you a well equipped M4 Comp.

Just saying, if you can, do it. Don't wait. Prices aren't getting any better.